This video discusses about Ethereum , Difference between Ethereum and Bitcoin, Ethereum Blockchain and how its work, Smart Contracts, Ethereum cryptocurrency Ether, The DAO event that resulted in the Hard Fork, Ethereum classic and Ethereum 2.0.
Time Stamps-
0:11 – what is Ethereum
0:42 – Difference between Ethereum and Bitcoin
2:27 – Smart Contract
3:17 – Ethereum Blockchain
4:20 – Ethereum Virtual Machine (EVM)
4:30 – Ether
5:33 – DAO Event
6:00 – Ethereum Classic and Ethereum 2.0
6:20 – Conclusion
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Ethereum is a decentralised Blockchain platform which allows programmers to create Dapps- decentralised apps. Rather than building an entirely original blockchain for each application, Ethereum enables the development of thousand of applications on one blockchain platform.
The Ethereum Cryptocurrency Ether is in the second place by market value among all cryptocurrency.
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Links for some more videos—-
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2.NFTs, Explained: https://www.youtube.com/watch?v=kHHkyYf2j1E
3.Information Brokers: https://www.youtube.com/watch?v=aPR5b…
4.Quantum Computing: https://www.youtube.com/watch?v=XAxxE…
5.Blockchain Technology: https://www.youtube.com/watch?v=5Wr56…
6.5 Best Free Digital Marketing Tools: https://www.youtube.com/watch?v=0sjZV…
7.HOW TO MAKE A WEBSITE USING WORDPRESS| FOR BEGINNERS: https://www.youtube.com/watch?v=cNbig…
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Ethereum smart contract is an auto executing programmed agreement that is recorded on the Ethereum blockchain. It operates based upon an if, then logic, so that if x action happens, then y action occurs. Ethereum Smart contracts make it possible to encode the conditions under which there is no need to trust an intermediary for money transfer and it aims to expand for more than just a simple transaction, it want to expand the use of agreements with additional steps and new rules of ownership. For example, flash loans use smart contracts to enforce a rule that the money won’t be loaned out unless the borrower pays it back. Some Ethereum services, such as Compound, are experimenting with allowing users to loan or borrow money with smart contracts managing the money rather than a company.
The history of all these smart contracts is stored in the Ethereum blockchain. Ethereum blockchain is a shared record of the entire smart contract and transaction history.
Hundreds of volunteers from around the world store a copy of the complete Ethereum blockchain, which is quite long. This is the feature that makes Ethereum decentralized.
Using smart contracts and using Ethereum apps requires money in the form of ether, Ethereum’s native token. Ether is needed for doing just about anything on Ethereum, and when it’s used to execute smart contacts on the network it’s often referred to as “gas.” Ether is generated by the Ethereum protocol as a reward to miners in a proof of work system for adding blocks to the blockchain. The block reward together with the transaction fees provide the incentive to miners to keep the blockchain growing (i.e. to keep processing new transactions).
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Calling smart contracts isn’t free. Each transaction costs some ether, which increases depending on how much computation the transaction is using. Also, when Ethereum is congested, fees go up.
Also, One issue related to using smart contracts on a public blockchain is that bugs, including security holes. One example of this is the 2016 DAO event.
In 2016, hackers stole more than $50 million worth of Ether that had been raised for a project called The DAO, a set of smart contracts created by a third party and originating from Ethereum’s software platform. The Ethereum community opted to reverse the theft by creating a “hard fork,” invalidating the existing blockchain and creating a second Ethereum blockchain. The original is known as Ethereum Classic.
So the older one is called Ethereum classic(i.e. the one without any upgrades) and Ethereum 2.0 is a set of upgrades currently in progress on the Ethereum blockchain that would make the network more scalable, secure, and sustainable. These upgrades have actually been in development since 2014 and represent a major transition for the world’s second-most popular cryptocurrency
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I hope after watching this video you will get a clear understanding about Ethereum Blockchain Network and if you do then, please share your views with me in the comment section down below.
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Every material in this video is used for educational purpose and fall within the guideline of fair use. If you are the owner of any materials used in the video then please contact me via my email id in the about section or through my IG handle
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